DEPUTY COMMISSIONER OF INCOME TAX 9(2)(1), MUMBAI V. BASONS INVESTMENTS P.LTD, MUMBAI

ITA 5220/MUM/2017

• Counselvise Citation: [2018] 112 COUNSELVISE.COM (IT) 5621 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-11-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 10-08-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUMAN KUMAR
• Keywords: Tax effect
• Section: 201

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI BEFORE S/ SHRI B.R. BASKARAN (AM) & SANDEEP GOSAIN (JM) I.T.A. NO. 5220 /MUM/20 1 7 (ASSESSMENT YEAR 20 14 - 15 ) DCIT - 9(2)(1) ROOM NO. 665A 6 TH FLOOR AAYAKAR BHAVAN M.K. ROAD MUMBAI - 400 020. VS. M/S. BASON INVESTMENTS PVT. LTD. B - 702, CITISCAPE CHSL A.K. ROAD, ANDHERI(E) MUMBAI - 400 059. PAN : AABCB4095L ( APPELLANT ) ( RESPONDENT ) ASSESSEE BY SHRI GAURAV KABRA DEPARTMENT BY SHRI SUMAN KUMAR DATE OF HEARING 1 9 . 1 1 . 201 8 DATE OF PRONOUNCEME NT 19 . 1 1 . 201 8 O R D E R PER B.R. BASKARAN (AM) : - THE APPEAL FILED BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 2.5.2017 PASSED BY THE LEARNED CIT(A) - 16, MUMBAI AND IT RELATES TO A.Y. 2014 - 15. THE REVENUE IS AGGRIEVED BY THE DECISION OF THE LEARNED CIT(A) IN DELETING THE DISALLOWANCE OF INTEREST EXPENSES AMOUNTING TO RS 54.81 LAKHS. 2. AT THE TIME OF HEARING, LEARNED COUNSEL APPEARING FOR THE ASSESSEE SUBMITTED THAT THE TAX EFFECT INVOLVED IN THE QUANTUM UNDER DISPUTE IS LESS THAN RS . 20 .00 L AKHS AND HENCE THE REVENUE IS PRECLUDED FROM PURSUING THIS APPEAL AS PER CIRCULAR NO.3/2018 DATED 11.07.2018 ISSUED BY CBDT. 3. WE HEARD LEARNED DR AND PERUSED THE RECORD. HAVING REGARD TO THE FACT THAT THE QUAN TUM IN DISPUTE IS RS 54.81 LAKHS AN D HENCE T AX EFFECT INVOLVED THEREIN IS LESS THAN RS 20 LAKHS, THERE IS MERIT IN THE CONTENTION OF THE ASSESSEE THAT THE REVENUE IS PRECLUDED FROM PURSUING THIS APPEAL AS PER THE CIRCULAR OF CBDT REFERRED ABOVE . IT I S ALSO NOT SHOWN TO US THAT THE ISSUE 2 CONTESTED IN THIS APPEAL FALLS UNDER THE EXCEPTION S LISTED OUT IN THE CIRCULAR. ACCORDINGLY, WE DISMISS THE APPEAL IN LIMINE AS UNADMITTED. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER HAS BE E N PRONOUNCED IN THE COURT ON 19 . 1 1 .201 8 . SD/ - SD/ - (SANDEEP GOSAIN ) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 1 9 / 1 1 / 20 1 8 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// ( SENIOR PRIVATE SECRETARY ) PS ITAT, MUMBAI